MetLife Investment Management LLC Sells 1,674 Shares of Brown & Brown, Inc. (NYSE:BRO)

MetLife Investment Management LLC trimmed its stake in Brown & Brown, Inc. (NYSE:BRO) by 2.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 66,381 shares of the financial services provider’s stock after selling 1,674 shares during the quarter. MetLife Investment Management LLC’s holdings in Brown & Brown were worth $6,877,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in BRO. Great Valley Advisor Group Inc. purchased a new stake in Brown & Brown in the second quarter worth approximately $1,512,000. DekaBank Deutsche Girozentrale raised its position in shares of Brown & Brown by 12.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after purchasing an additional 27,879 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Brown & Brown by 162.3% in the second quarter. Assenagon Asset Management S.A. now owns 488,483 shares of the financial services provider’s stock worth $43,675,000 after acquiring an additional 302,240 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in Brown & Brown by 27.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock valued at $2,781,000 after buying an additional 6,675 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Brown & Brown by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock valued at $136,302,000 after acquiring an additional 17,934 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wells Fargo & Company raised their price target on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Truist Financial upped their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada upped their target price on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Finally, Bank of America increased their target price on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and an average price target of $107.42.

Brown & Brown Stock Down 0.1 %

NYSE:BRO opened at $113.10 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.15. The company has a 50-day moving average of $107.21 and a 200 day moving average of $99.75. The firm has a market cap of $32.34 billion, a PE ratio of 30.82, a price-to-earnings-growth ratio of 2.60 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the firm earned $0.71 earnings per share. As a group, research analysts anticipate that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, November 6th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.53%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.35%.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.